New York’s online sportsbooks monthly handle continues to fall in May

The monthly handle figure for New York online sportsbooks continued to fall in May, hitting $1.26bn, lower than April’s $1.39bn.
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The monthly handle figure for New York’s online sportsbooks continued to fall in May, hitting $1.26bn, lower than April’s $1.39bn.

However, gross gaming revenue improved from month to month, as data from the New York Gaming Commission has revealed that the Empire State’s mobile sportsbooks took a GGR of $109.8m during the month, down on April’s $104.1m.

With a 51% tax rate, the state’s online sportsbooks yielded $55.9m in state taxes, higher than the previous month’s $53.1m.

May’s numbers are a continuation of an expected lull period for sportsbooks across the US, which isn’t expected to change until the sports calendar picks up again later this summer with the return of college and professional football.

Since launching in January, New York online sportsbooks have recorded $7.49bn in wagers, producing $534.7m in revenue, and yielding $272.7m for the state’s coffers.

Per operator, FanDuel continues its dominance in the Empire State, reporting a handle of $552.6m with a revenue of $63.8m, followed by DraftKings ($313.6m handle, $21.5m GGR), Caesars Sportsbook ($192.7m handle, $10.8m GGR), and BetMGM ($123m handle, $7.9m GGR).

PointsBet was next ($33.8m handle, $2.9m GGR), followed by Rush Street Interactive ($31.3m handle, $1.8m GGR), Wynn Interactive ($9.8m handle, $786,588 GGR), and ResortsWorld Bet ($6.7m handle, $236,096 GGR).

A recent US sports betting regulatory survey by SBC and VIXIO GamblingCompliance has highlighted the spread of New York’s high-tax model and an anticipated backlash on advertising as prime policy risk concerns for the region’s market.